PERTH (miningweekly.com) - Uranium developer Toro Energy has secured A$12-million in funding, allowing the company to maintain a strong funding position while it negotiates with potential project partners for its Wiluna mine, in Western Australia.
The convertible debt facility, from Macquarie Bank, would be paid out over two tranches, with the first tranche of A$8-million available to be drawn down before the end of March this year.
The second tranche of A$4-million would be available for drawdown until the end of June, subject to the satisfactory completion of the usual conditions precedent, including federal government environmental approval for the Wiluna project.
Toro was currently on the hunt for project partners looking to invest in the Wiluna project, which would be Western Australia’s first uranium mine since the state changed its uranium policy in 2008.
The project has already received environmental clearance from the state’s Environmental Minister, while the federal government was expected to deliver an environmental verdict by March 31.